Ethics

Topics: Rodney Adler, Ray Williams, HIH Insurance Pages: 1 (657 words) Published: October 15, 2014
http://www.asic.gov.au/asic/asic.nsf/byheadline/06-210+Bradley+Cooper+sentenced+to+eight+years%E2%80%99+jail?openDocument ‘The eight-year jail term handed down today to Mr Bradley Cooper should act as a deterrent to corrupt behaviour by those who try to influence company officers to misuse company money for their own financial gain Mr Cooper is the former Chairman of the FAI Security Group, which had dealings with the HIH Group.

Mr Cooper was convicted on six charges of corruptly giving a series of cash benefits to influence an agent of HIH Insurance Limited and on seven charges of publishing false or misleading statements with intent to obtain a financial advantage. On 15 December 2004, Mr Ray Williams pleaded guilty to three charges: of failing to properly exercise his duties as company director by signing a misleading letter to FAI Note Holders; giving investors misleading information in the HIH 1998-99 Annual Report; and omitting information from a prospectus to raise up to $155 million for the takeover of FAI. On 15 April 2005, Mr Williams was sentenced to four-and-a-half years’ jail, with a non-parole period of two years and nine months. 

On 16 February 2005, Mr Rodney Adler pleaded guilty to four charges: two of disseminating false information that was likely to induce people to buy HIH shares; one of making and publishing false statements; and one of being intentionally dishonest and failing to discharge his duties in good faith. Mr Adler was sentenced on 14 April 2005 to four-and-half years’ jail with a non-parole period of two-and-a-half years. Mr Adler’s appeal of the severity of his sentence was dismissed.

On 29 April 2005, Mr Terry Cassidy, former Managing Director, Australia of HIH Insurance Limited, pleaded guilty to three charges: two that he acted with reckless disregard in making a false or misleading statement to APRA; and one that he was reckless and failed to properly exercise his powers and discharge duties as a director of HIH...
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